document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1190578>Question 1190578</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to buy a $35,000 car. The company is offering a 2% interest rate for 36 months (3 years). What will your monthly payments be? (Round up to the cents place.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #822280 by </B><A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><B>math_tutor2020(3817)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=822280\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "P = monthly payment<BR>\n" );
document.write( "L = loan amount = $35,000<BR>\n" );
document.write( "i = interest rate per month = 0.02/12 = 0.0016666667 (approximate)<BR>\n" );
document.write( "n = number of months = 12*3 = 36\r<BR>\n" );
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document.write( "P = (L*i)/( 1-(1+i)^(-n) )<BR>\n" );
document.write( "P = (35,000*0.0016666667)/( 1-(1+0.0016666667)^(-36) )<BR>\n" );
document.write( "P = 1,002.49025624712<BR>\n" );
document.write( "P = 1,002.50\r<BR>\n" );
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document.write( "Answer: $1,002.50<BR>\n" );
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